Black Friday is upon us and the official kickoff of the holiday shopping season. Last year, Americans spent a whopping $57 billion during Thanksgiving weekend shopping. And for many of them, it led to more debt, higher monthly credit card payments and financial ruin.
Steve Siebold, author of How Rich People Think, and a self-made multi-millionaire who has interviewed more than 1,200 of the world’s wealthiest people, offers this advice on not breaking the bank this year:
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Don’t fall for marketing campaigns that make you feel as if you’re getting a great deal when you’re really not (i.e. buy it today – pay for it tomorrow)
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Allocate a certain amount of money for each person you plan on buying gifts for and don’t overspend by even a dollar.
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Don’t even think of using a credit card unless you are 100% sure you can comfortably pay it off at the end of the month.
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Don’t get caught up in the moment. If your shopping cart is overflowing, step back, regroup and make sure you can really afford everything you plan to purchase.
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Kids learn by example. Even parents who have failed to reach their financial dreams can still teach their kids important lessons about money during the holiday season.
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There’s no shame in telling people that this year will be a lean holiday season when it comes to exchanging gifts.
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Ask yourself if you would rather have the short-term satisfaction of expensive material possessions, or the long-term results of financial freedom and abundance.
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There are good deals to be had on Black Friday, but be mentally tough to know when enough is enough.
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When it comes to spending this holiday season, leave your emotions on the shelf and let reason be your guide.
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Limit charitable giving. Helping others is a nice gesture and certainly in the spirit of the holidays, but until you’re financially comfortable yourself, you can’t give what you don’t have. A little leftover change is one thing, but those who try and support every cause known to man but can’t afford to are doing more harm than good.
Get his book at www.howrichpeoplethinkbook.com
